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Financial Commissioner and Principal Secretary of Revenue Department Naresh Gulati on Wednesday asked the district administration to keep an eye on property dealers and get them enrolled with some government authority.
During a review meeting, the Gurgaon Deputy Commissioner P C Meena said 903 property dealers have been registered with the district administration till now, a number that is probably the highest in the state.
Meena said that the district administration has started a survey for identifying property dealers operating without valid licences in the district. The other issues that were addressed in the meeting included construction of unauthorised structures on government land in the name of religious sites, computerisation of land records, and disposal of court cases pending in courts. While a property dealer would have to pay a licence fee of Rs 25,000 for registration, organisations, companies or societies are supposed to pay Rs 50,000. The licence would be valid for a period of five years, after which it would have to be renewed. Gulati also reviewed computerisation of land records and asked the Deputy Commissioners to expedite the work. Speaking on the State-Wide Area Network (SWAN), Meena said although the system had been put in place in Gurgaon, it was being employed in Pataudi and Sohna tehsils. The Farukhnagar and Manesar tehsils were not connected with SWAN either.Gulati also pointed out that that revenue staffers were having problems due to electricity cuts in tehsils located away from the district headquarters. Gulati has asked the DC to install generators at these tehsil offices..
http://www.indianexpress.com/news/903-property-dealers-in-Gurgaon-registered/792837/
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Mumbai
The Supreme Court has ordered the eviction of the National Textile Corporation (NTC) from a 2.5-acre plot in Chinchpokli where its Podar Mills is housed.
The mill is a tenant of Seth Hirachand Rupchand Charities Trust and it lost its tenancy battle over a decade after its 99-year lease expired.
An SC bench of Justices S Sathasivam and B S Chauhan held on Tuesday that NTC was not entitled to protection or exemption under the Maharashtra Rent Control Act, and dismissed the corporation’s appeal against a 2009 Bombay high court ruling.
The SC termed as “preposterous” NTC’s submission that it was an “agent’ of the government—the real tenant- and was thus protected under the state’s rent law.
Under section 3(1)(A) of the rent control act, premises let out to the government are protected and under section 3(1)(B) government companies and PSUs, among other entities, with a paid-up capital of over Rs 1 crore, are not protected as tenants. The SC found no merit in NTC’s claim. But “in the interest of justice”, the SC gave NTC time till December 31, 2013 to hand over “peaceful, vacant possession of land” to the trust. It has to give an undertaking to that effect within four weeks.
The SC also directed Tata Mills(an NTC unit),in a similar battle against Tata Housing Development Co Ltd, to vacate its premises by December 31,2011.
Podar Mills was among seven defunct mills placed on the block for sale last year.It reportedly fetched NTC Rs 646 crore last August.Lawyers say the SC judgment against NTC will have significant ramifications on other NTC mills on tenanted land. The landlord-trust’s original lawyer, Mulraj Shah, who won for it the eviction battle in the small causes court, said, “Other NTC mills that are tenants will also lose protection under rental law.”
The small causes court had ruled against NTC’s tenancy in 2006, affirmed it in an appeal in 2008 and a year later the HC said NTC had no case for protection as a tenant.
The land on which the mill stands belongs to a charitable trust run by Naresh Kumar Jagad and five others, including Shailesh Mahimtura.In 1983, the central government took over management of 13 textile undertakings, including Podar, pending their nationalization. The lease granted in favour of Podar expired in 1990 and in 1995 the trust launched a legal battle against NTC for its eviction under the Bombay Rent Act of 1947. When the Maharashtra Rent Act was enacted in 1999, it issued a fresh termination notice in 2000 to NTC and the battle began in earnest.
http://content.magicbricks.com/ntc-loses-its-battle-over-podar-mills-land
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The Union Budget and the new financial year are around the corner. It is time to make financial plans and review investment portfolios. You need to evaluate your tax saving options after factoring in the changes that may be effected in the Budget.
Very often, many tax-payers choose to leave investing in the tax-saving options till the end of the financial year. This means having to choose at the last minute in a hurry. It will mean a compromise on the quality and yield. Moreover, it may also mean picking instruments that don’t suit your other needs.
In the case of property, the equations are very different. Unlike as in insurance or tax-saving mutual funds, there is more to a property investment even though the tax-saving benefit is significant.
Against the interest paid on a home loan, the tax deduction allowed is up to Rs 1.50 lakhs per annum in case of a residential property that is showed as selfoccupied. This is under Section 24(B) of the Income Tax Act. In case the house is let-out or deemed to be let-out, the entire amount of interest paid is deductible while arriving at tax payable for the year. The tax benefit under this section is available on every property purchased – not just for the property in which you reside. The higher benefit extended to property let-out is to encourage the growth of rental property inventory as a measure to address the housing units shortage in the country.
In addition to this, there is the tax deduction benefit against the repayment of the principal component of a home loan. You get a tax benefit of Rs 1 lakh per annum under Section 80C. Then there is the one percent interest subvention scheme on affordable homes costing below Rs 20 lakhs. These figures could turn more attractive in the coming Budget, given the thrust on housing the government has had in the past.
These benefits make property a tax-efficient investment option that also yields high returns in terms of both rent and capital appreciation. In case of property as an investment avenue, the factors that have a bearing on yield are different. It is therefore prudent to plan this investment carefully and in the very beginning of the financial year to take maximum advantage of both tax benefits and its potential returns.
The indications of the inflation rate beginning to come down makes for pleasant reading for all those in the market for a home. The Reserve Bank of India (RBI) did not effect any hike in the key interest rates in the last Credit Policy review and could begin to soften its stand in the coming quarters. The hardening in interest rates has had a negative impact on growth, and some easing is expected to trigger more economic activity and growth. The moderation in demand with the hardening in the Credit Policy is contributing to cooling off in the inflation rate. The consumption-driven double-digit inflation rate was well beyond the comfort level of 4-5 percent.
It is now realistic to expect a downtrend in the lending rates as they seem to have peaked. Given the cyclical nature of lending rates, it makes economic sense to move even as indications of a downtrend are showing up. Timing the market cycles has never been easy.
So, as the new financial year begins, it is time to plan a property investment with the tax benefits and favourable rates in the market at this point in time in mind.
http://content.magicbricks.com/plan-property-investments-early-for-better-returns
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The real estate bubble may have burst nationally but Bihar’s property turf appears to have bucked the trend. The state’s realty sector has really seen happy tidings over the past few years with new builders emerging and making a fortune in quick time.
Sample this: A three room flat in Patna’s Rajendra Nagar neighbourhood was available for even less than 10 lakh in 2003. Today, it would cost something between 50 lakh and 60 lakh, registering more than a five-fold increase.
In areas like Nageshwar colony and SK Puri, apartment valuations have shot up even more making it out of reach for even middle income groups who can now hope to buy flats coming up in Patna’s western outskirts.
“It’s boom time in the real estate space. The flat costs, which went too high, have however now stabilised but it is still more expensive than Noida and Greater Noida in the national capital region. We now have serious doubts about costs appreciating sharply now,” says Mundeshwari Buildcon Ltd managing director Somrendra Singh.
Truth is there is enough liquidity in the market. Bihar’s economy has been growing at a fast clip driving more money in the hands of people. The law and order situation has also improved, which is why, investments in the property space have shot up. In fact, there is huge demand for office space, showrooms and outlets with Bihar now offering new business opportunities. Commercial space in areas like Dak Bungalow and Boring Road have also seen sharp appreciation in valuation, from 5,000 per sq ft to 20,000-to-25,000 per sq ft.
At the same time, builders are wary of problems which are beginning to confront them. “Now plot owners will offer land to developers at a 50 per cent conversion rate, up from 40 per cent or 45 per cent. Land costs have also risen sharply in areas like Khagaul located in the city’s western outskirts. A cottah on the roadside would cost anything between 60 lakh and 70 lakh. There is also too much policing in business activity, in the name of economic offence. If anything, we expect the demand to peak now,” asserts a spokesman of Builders Association of India (Bihar Chapter).
Source:http://content.magicbricks.com/bihar-real-estate-makes-impressive-gains
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WHY REPAY QUICKER?
There are three advantages of repaying your loan sooner.
First, you are freed from the uncertainties of fluctuating interest rates. Once you are free from debt, you can use the surplus towards other investments to meet other financial goals.
Secondly, the faster you repay, the more time you have to meet other financial commitments like saving for children’s education or building a retirement corpus.
Finally, repaying loan faster saves you money in the form of interest payments.
LIQUIDATE LOW-RETURNS ASSETS
You can liquidate other assets or savings that are yielding very low returns and consider repaying your home loan debt. Banks charge a penalty called prepayment penalty, usually two percent of the loan amount outstanding. However, most banks allow partial part-payment within a prescribed limit without the burden of penalty.
The lender charges a penalty, if you take a loan from another bank to prepay an existing loan. This acts as a deterrent to borrowers who contemplate a switch to another lender offering a lower rate of interest. Most banks will be willing to waive the penalty if the repayment is made with the borrower’s own money. Read the home loan agreement carefully to know the applicable charges and penalties
http://7bighagroup.over-blog.com/article-three-advantages-of-repaying-your-loan-sooner-81110034.html
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Krishna Apra Gardens, Indirapuram at 9999442231
About Krishna Apra Gardens, Indirapuram
After the grand success of Krishna Apra Residency, the group now offers another grand statement Krishna Apra Gardens. At Krishna Apra Gardens, special efforts have been undertaken to offer everything in your ideal home. Towering views of the complexes, lush green spreads, gushing water bodies, remarkably spacious interiors, separate club, ample parking strategic location and surprisingly affordable price. Location What further makes Krishna Apra Gardens a perfect buy is its strategic and convenient location. Just 15km from Connaught Place on NH-24 (voted as best maintained highway) in Indirapuram, (the next destination for all) Krishna Apra Gardens is surrounded with upcoming 5-Star Hotel, Shopping Malls and Multiplexes. Designed by the renowed Architect Hafeez Contractor The silver lining of Krishna Apra Gardens is its architecture. Designed and conceived by famous Architect Hafeez Contractor, these complexes will set new standards of homely comfort and luxurious lifestyle. Features & Accommodation Krishna Apra Gardens is a perfect choice to avail all comforts of a ‘Good Living’ like never before. Compact and beautifully designed apartments allow you and your family to relax and enjoy life.
- Central Park Spread over 3 acres.
- 79% open area, wide roads.
- Jogging track along the park.
- An exclusive club house with swimming pool, gym, Steam, Sauna, Jacuzzi and others games at no extra cost. Separate pool for children.
- Community Hall, Play school, Basket Ball Court, Tennis/Badminton Court, Amphitheatre and Sand Pits.
- Fire fighting arrangement on each floor.
- Round-the-clock fresh water supply.
- 24hr. Security-cable intercom system from the gate to all the apartments for greater security with CCTV.
- Two elevators in each block with 10-15 passenger capacity and can be used as
- service lift.
- 100% Power back up for essential services.
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